transfer online from AIB to BOI,how long?

dimma02 · 05-01-2012 9:50am #1

Mate transfered money online on Monday from AIB (which was a bank holiday) so we will say Tuesday to my BOI account and not showing up as yet? is it still the 3-5 working days (usually quicker than that) or is it the new BOI 365 website?
Thought as of 1st jan 2012 it should be overnight electronically between different banks or is that just business accounts, Give it another day or two but was slow last month too on this new 365 website, could it be it that is slow to update I wonder????:rolleyes:

Legislator · 05-01-2012 10:23am

From Jan 1st 2012 electronic credit transfers between banks in Ireland and Europe will take no more than one working day. For example if you send a payment from your bank account the money will be in the beneficiary account on the next working day. Please note that there is a cut-off time for making these payments which is normally mid afternoon (3pm to 4pm) - check with your bank as to what their cutoff.

dimma02 · 05-01-2012 10:40am

well I will give it a day or two more, may phone bank today to find out ok, cannot believe that will happen, has it for anybody else and does a personal transfer from one bank to another be 1 working day if say done in morning versus next day!!!! seems a bit like progress for irish banks!!!

Legislator · 05-01-2012 10:45am

You can believe as these new rules on the time taken to make payments is laid down in law. Its the same for all banks across Europe and its part of something called SEPA - Single Euro Payments Area - something we will all hear a lot about in the next two years.

dimma · 05-01-2012 2:42pm

Legislator wrote: »

You can believe as these new rules on the time taken to make payments is laid down in law. Its the same for all banks across Europe and its part of something called SEPA - Single Euro Payments Area - something we will all hear a lot about in the next two years.

Well I rang bank and they knew nothing of this, checked all bank sites and it does not state this anywhere, they actually told me this would be a big deal and would actually be on their websites if true and also I am sure this would make the news!!!!

anyone else experience next day transfer of funds from one bank to another!!!! anyways thats what they told me. I also googled this and could not find it anywhere!!!:)

Legislator · 05-01-2012 2:55pm

Below is an extract from the relevant legislation - Payment Services Regulation 2009'

Payment transactions to payment account.

85. (1) Subject to paragraph (2), a payer’s payment service provider shall ensure that, after the time of receipt of a payment order, the amount of the relevant payment is credited to the payee’s payment service provider’s account

by the end of the next business day.

In this instance a payment service provider is a Bank / Building Society / Credit Union. It only relates to online (electronic not paper) transactions.